KARACHI: The local cotton market remained sluggish on Wednesday. Market sources told that trading volume remained low.
Market sources told that after the approval of the import of cotton and cotton yarn from the India by the Economic Coordination Committee the prices of local cotton will come down. The local industry of Punjab will get cotton on low rates because of the arrival of cotton and cotton yarn from India and as well as due to the decreasing prices of dollar.
Earlier, the Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the import of Cotton and Cotton Yarn from India. “To keep the momentum of our value-added exports, ECC in its meeting held today approved the import of Cotton and Cotton Yarn from India including land route,” the Prime Minister’s Adviser for Commerce and Investment Abdul Razak Dawood told in a Twitter statement.
Cotton Analyst Naseem Usman told that ICE cotton futures edged lower on Tuesday, pressured by a firmer dollar, although price moves were limited on caution ahead of a federal planting intentions report.
Cotton contracts for May fell 0.9 cent, or 0.2 %, to 80.30 cents per lb by 12:01 p.m. EDT. It traded within a range of 79.82 and 81.2 cents a lb.
“The market is a kind of quiet and is trying to figure out its next move and tomorrow’s acreage number will give us the next direction”. Peter Egli, director of risk management at British merchant Plexus Cotton said.
Naseem also told that rate of cotton in Sindh was in between Rs 10,300 to Rs 11500 per maund. The rate of Phutti in Sindh is in between Rs 4500 to Rs 5100 per 40 kg. The rate of cotton in Punjab is at Rs 12500 per maund. The rate of Phutti in Punjab is in between Rs 4800 to Rs 6300 per 40 kg.
The rate of Banola in Sindh was in between Rs 1600 to Rs 2000 while the price of Banola in Punjab was in between Rs 1800 to Rs 2250. The rate of cotton in Balochistan is Rs 12000 per maund. The rate of Phutti of Dalbadin Balochistan is Rs 6300 to Rs 6400 per 40 Kg.
The Spot Rate remained unchanged at Rs 11500 per maund. The Polyester Fiber was available at Rs 220 per Kg.
Copyright Business Recorder, 2021